So far, shares of General Mills (GIS - Get Report) are slightly lower after reporting earnings on Wednesday before the open. Shares are off 1.36% to $54.27 in midday trading.

But can the stock reverse and head higher?

It may not happen today or on Thursday, but as long as General Mills stock does not give up too much of its recent gains, more upside could be in store.

The company reported first-quarter earnings of 79 cents per share, topping estimates by 2 cents. However, revenue of $4 billion sank 2.2% year-over-year and missed analysts' expectations by $80 million. The company reaffirmed its full-year guidance as well.

It's fair to call this a mixed quarter. It's not strong enough for bulls to bid up to General Mills stock to new highs and it's not bad enough to justify investors selling en masse. Particularly given the stock's 3.6% dividend yield.

Ultimately, that leaves investors turning to the charts to see what might be next.

Trading General Mills Stock

Daily chart of General Mills stock.
Daily chart of General Mills stock.

On the daily chart above, it's clear that General Mills stock has a level of channel resistance (blue line) that keeps the stock in check as it continues to rally. It's also clear that there's a level of resistance in play near $55.75.

While GIS stock is being rejected from that area now, it's important for investors not to get too bearish. Shares are still maintaining north of the 20-day and 50-day moving averages, and well above the 78.6% retracement just below $52.

Below, the weekly chart emphasizes the recent channel that General Mills stock has been trading in.

Weekly chart of GIS stock.
Weekly chart of GIS stock.

Should the 50-day and 10-week moving averages buoy GIS stock, I wouldn't be surprised to see new 52-week highs in General Mills over $56.40.

On the daily chart, channel resistance comes into play near $57. However, we can also see that this is a significant level on the weekly chart as well. That's good and bad news for bulls.

It's bad in the sense it could keep a lid on GIS stock, but good in the sense that it could trigger a major breakout should shares push above this mark. If so, it will have investors looking up to $60+ if General Mills starts to hit new annual highs.

The bottom line? Don't be so fast to give up on General Mills stock. It's not the most exciting name out there, but north of $52 and it still looks OK on the long side. Below there and it could test the 200-day moving average.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.